Tuesday 17 August 2021

Nifty Outlook for 18th Aug

 In the previous session :

Nifty went down by 67 points then went up by 65 points before closing higher by 51 points on Tuesday.



Nifty made a new life time high of 16628.55 in this upmove from the lows of 7511.10 made on 24th March 2020


On 17th Aug :-

Nifty initially triggered our short trade and completed 2 targets doing 45 points. Post that Nifty reversed to trigger our long trade and again completed 2 targets doing 30 points 


For 18th Aug :-

Sustaining above 16635 enter for 16650 - 16665 - 16705 , SL 16620

Sustaining below 16590 enter for 16580 - 16560 - 16520 , SL 16610


Now for this week :

Nifty has immediate resistance at 16585 - 16620 zone and sustaining or closing above we may see a further move towards 16715 - 16745 zone

Nifty has immediate support at 16470 - 16435 zone and sustaining or closing below that we may see a move towards 16340 - 16315 zone

So far this week Nifty has made a high of 16628.55 testing our initial resistance zone . Now Nifty has to sustain above 16620 for a further move towards 16715 - 16745 . 

In the month of July Nifty made a high of 15962.25 and made a low of  15513.45 .

As mentioned at the start of the month "For the month of August Nifty has to give a consecutive close above 15975 for a further move on the upside .  On the downside Nifty has to give a consecutive close below 15550 for a further correction." , and we saw Nifty make a high of 16543.60 giving a 550 points move post a consecutive close above 15975 . 

Nifty would be completing all our expected targets on the upside near 16650 - 16700 zone and we can see some profit booking now on further upmoves

Incase of a gap up beyond the first target then for fresh updated levels intraday follow the telegram channel "simplytradestocks" .

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Disclaimer : These are my personal views and one should do their own research before entering any trades based on them  . The use of the blog is agreement that the blog is for informational and educational purposes only and does not constitute advice in any form in the furtherance of any trade or trading decisions.

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